MIRA INFORM REPORT

Report Date :

24.01.2012

IDENTIFICATION DETAILS

Name :	FIRESTAR DIAMOND BVBA
Registered Office :	Hoveniersstraat 53 Antwerpen, Post Code 2018
Country :	Belgium
Financials (as on) :	31.03.2011
Date of Incorporation :	31.07.2009
Com. Reg. No.:	817647147
Legal Form :	Private Limited Company
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees :	02

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES:

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Belgium	a1	a1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name & address

Business number	817647147	Company name	FIRESTAR DIAMOND BVBA
Safe number	BE00970388	Telephone number	036088343
Address	HOVENIERSSTRAAT 53 ANTWERPEN	Fax number	-
Post code	2018	Number of staff	02
Date of establishment	31/07/2009

Ultimate holding company

Safe number	Company name	Company Number
-	-	-

Accounts & ratios

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH
31/03/2011	61,539,026	616,325	5,914,809

Accounts & ratios

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	INVESTMENTS	CAPITAL	CASH FLOW	NUMBER OF EMPLOYEES
31/03/2011	23,573,639	3,000	5,513,100	1,370,065	2

Trends

Profitability	-
Liquidity	-
Net worth	-

Payment expectations

Past payments		Payment expectation days	62.54
Industry average payment expectation days	189.07	Industry average day sales outstanding	142.60
Day sales outstanding	110.40

Court data summary

BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons	-

Business number	817647147	Company name	FIRESTAR DIAMOND BVBA
Fax number	-	Date founded	31/07/2009
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	31/03/2011
Activity code	46761	liable for VAT
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0817.647.147
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

Significant Events

Event Date	05/12/2011
Event Description	authority appointed
Event Details	Commentaar 05-12-2011: Volmacht wordt verleend aan Viral Mukesh Shah om de dagelijkse briefwisseling te ondertekenen en alle handelingen die betrekking hebben op het beheer van de dagelijkse zaken van de commerciële en administratieve dien

Event Date	05/12/2011
Event Description	authority appointed
Event Details	sten van de maatschappij.

Profit & loss

Annual accounts	31-03-2011	%		%		Industry average	%
Weeks	52		-		-
Currency	EUR		-		-
Turnover	61,539,026	-	-	-	-	-	-
Total operating expenses	60,686,340	-	-	-	-	-	-
Operating result	852,687	-	-	-	-	-	-
Total financial income	682	-	-	-	-	-	-
Total financial expenses	237,043	-	-	-	-	-	-
Results on ordinary operations before taxation	616,325	-	-	-	-	-	-
Taxation	184,525	-	-	-	-	-	-
Results on ordinary operations after taxation	431,800	-	-	-	-	-	-
Extraordinary items	0	-	-	-	-	-	-
Other appropriations	0.00	-	-	-	-	-	-
Net result	431,800	-	-	-	-	-	-
OTHER INFORMATION
Dividends	-	-	-	-	-	-	-
Director remuneration	-	-	-	-	-	-	-
Employee costs	43,444	-	-	-	-	-	-
Wages and salary	37,257	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-
Social security contributions	3,622	-	-	-	-	-	-
Other employee costs	2,566	-	-	-	-	-	-
Amortization and depreciation	4,121	-	-	-	-	-	-

balance sheet

Annual accounts	31-03-2011	%		%		Industry average	%
Weeks	52		-		-
Currency	EUR		-		-
Intangible fixed assets	30,091	-	-	-	-	-	-
Tangible fixed assets	32,222	-	-	-	-	-	-
Land & building	-	-	-	-	-	-	-
Plant & machinery	26,920	-	-	-	-	-	-
Other tangible assets	5,302	-	-	-	-	-	-
Financial fixed assets	3,000	-	-	-	-	-	-
Total fixed assets	65,312	-	-	-	-	-	-
Inventories	3,390,452	-	-	-	-	-	-
Raw materials & consumables	-	-	-	-	-	-	-
Work in progress	0	-	-	-	-	-	-
Finished goods	3,390,452	-	-	-	-	-	-
Other stocks	0	-	-	-	-	-	-
Trade debtors	18,612,932	-	-	-	-	-	-
Cash	1,370,065	-	-	-	-	-	-
other amounts receivable	112,320	-	-	-	-	-	-
Miscellaneous current assets	22,558	-	-	-	-	-	-
Total current assets	23,508,327	-	-	-	-	-	-
CURRENT LIABILITIES
Trade creditors	10,398,076	-	-	-	-	-	-
Short term group loans	-	-	-	-	-	-	-
Other short term loans	6,952,759	-	-	-	-	-	-
Miscellaneous current liabilities	277,904	-	-	-	-	-	- -
Total current liabilities	17,628,739	-	-	-	-	-	-
LONG TERM DEBTS
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	0	-	-	-	-	-	-
Total long term debts	0	-	-	-	-	-	-
SHAREHOLDERS EQUITY
Issued share capital	5,513,100	-	-	-	-	-	-
Share premium account	-	-	-	-	-	-	-
Reserves	431,800	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-
Total shareholders equity	5,944,900	-	-	-	-	-	-
Working capital	5,879,588	-	-	-	-	-	-
Net worth	5,914,809	-	-	-	-	-	-

ratio analysis

Annual accounts	31-03-2011	change(%)		change(%)		Industry average	%
TRADING PERFORMANCE
Profit Before Tax	1	-	-	-	-	-	-
Return on capital employed	10.37	-	-	-	-	-	-
Return on total assets employed	2.61	-	-	-	-	-	-
Return on net assets employed	10.37	-	-	-	-	-	-
Sales / net working capital	10.47	-	-	-	-	-	-
Stock turnover ratio	5.51	-	-	-	-	-	-
Debtor days	110.40	-	-	-	-	-	-
Creditor days	62.54	-	-	-	-	-	-
SHORT TERM STABILITY
Current ratio	1.33	-	-	-	-	-	-
Liquidity ratio / acid ratio	1.14	-	-	-	-	-	-
Current debt ratio	2.97	-	-	-	-	-	-
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	116.95	-	-	-	-	-	-
Equity in percentage	25.25	-	-	-	-	-	-
Total debt ratio	2.97	-	-	-	-	-	-

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	62.54
Day sales outstanding	110.40

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	189.07
Industry average day sales outstanding	142.60

Industry quartile analysis

Payment expectations
Company result	62.54
Lower	134.01
Median	88.31
Upper	47.10
Day sales outstanding
Company result	110.40
Lower	116.43
Median	62.37
Upper	27.29

Summary

Group - Number of Companies	0
Linkages - Number of Companies	0
Number of Countries	0

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Companies that match this address

Business number	Company name	Date of accounts
404925906	ADLER-FALLIK SCHREIBER-TRAU	-
404947977	DIAMOND CUTTERS ANTWERP BVBA	31/12/2010
404952234	ESPEKA BVBA	31/12/2010
404954313	SOCIÉTÉ DIAMANTAIRE FINKELSTEIN CH. & CO NV	31/12/2010
404955796	M. FRISCH EN CIE BVBA	-
406178590	B.I.B. DIAMONDS BVBA	31/12/2010
406291626	AMDIACOR BELGIUM	-
412623350	J WORMS EN ZOON BVBA	31/12/2010
412711145	H BIRNBAUM	-
413178230	ROSY BLUE NV	31/12/2010
413636110	INTERNATIONAL DIAMOND EXPORTERS BVBA	31/12/2010
414804068	HYGIENIC ELECTRIC SEAT COMPANY EN LIQUIDATION BVBA	-
414821290	FACETED GEARTS INC IN VEREFFENING BVBA	-
414852667	NIPUR BVBA	31/12/2010
417082875	YONIGEM	-
417174729	DIAMOND PREPARERS MANUFACTURERS IN VEREFFENING BVB	31/12/2002
417528580	ORIËNT GEM BVBA	31/12/2010
417528580	ORIËNT GEM BVBA	31/12/2010
419122251	BONJA IN VEREFFENING NV	-
419620317	COMABEL	-
419746021	SISO BVBA	31/12/2010
419896568	ANTWERP DIAMOND EXPORT IN VEREFFENING BVBA	31/12/2005
420170643	R O W DIAMOND MANUFACTURING CY IN VEREFFENING	-
420397505	MOHANKOR	-
420492228	GEM TRADING COMPANY BVBA	31/12/2010
420958917	GEM TRADING JEWELLERY CORPORATIO IN VEREFFENING BV	31/12/2008
421643063	DIAMAKOR BVBA	-
421691761	DIASTAR NV	31/12/2010
421691761	DIASTAR NV	31/12/2010
421691761	DIASTAR NV	31/12/2010
421997807	DAWNYDIAM	-
422846952	A. FEJBUSCH DIAMONDS BVBA	-
423032638	COMPAGNIE DIAMANTAIRE ANVERSOISE PVBA IN VEREFFENI	-
423119938	STELMAN INTERNATIONAL DIAMOND DEALERS NV	31/12/2008
423128153	CITY DIAMONDS IN VEREFFENING	-
423275831	PHIDIOR BVBA	31/12/2010
423306119	N. SHAH & CO BVBA	31/12/2010
424507434	EUROSTAR DIAMOND MANUFACTURING BVBA	31/12/2002
425534347	EUROSTAR DIAMOND POLISHERS BVBA	31/12/2005
426722695	EUROSTAR BEVEL BVBA	31/12/2003
426722695	EUROSTAR BEVEL BVBA	31/12/2003
429380002	COSMOPOLITAN DIAMONDS	-
429616463	FILDIAM BVBA	31/12/2010
430000010	ALMAZI INTERNATIONAL BVBA	31/12/2010
430693955	DIALAP ANTWERP BVBA	31/12/1998
431637033	RIO TINTO DIAMONDS NV	31/12/2010
435329169	DACAS B.V. BVBA	31/12/2010
435467147	INTERNATIONAL DIAMOND DEALERS NV	31/12/1998
435824166	R B DIAMANTSLIJPERIJ BVBA	31/12/2010
436120512	MICKEY WEINSTOCK & CO NV	31/12/2010
436120512	MICKEY WEINSTOCK & CO NV	31/12/2010
436310354	SHAH IMEXPORT BVBA	31/12/2010
436559782	DOCTOR DIAMOND NV	30/06/2011
436561564	DIAMONDAX BVBA	30/06/2011
437796236	VAN WAUWE DIAMONDS NV	31/12/2010
437796236	VAN WAUWE DIAMONDS NV	31/12/2010
439347444	MID BELGIUM BVBA	31/12/2010
439347444	MID BELGIUM BVBA	31/12/2010
439767910	ESPEKA JEWELS, IN VEREFFENING BVBA	-
440255680	WESTEL INTERNATIONAL NV	-
440709701	SANKET DIAMONDS BVBA	31/12/2010
440710095	DIAMSTONES BVBA	31/12/2010
441568051	DIAMOND CITY DEVELOPMENT COMPANY NV	-
442106796	REX MINING COMPANY NV	31/03/2011
442820440	PINK STAR BVBA	31/12/2010
443117279	EUROSTAR DIAMOND TRADERS NV	31/12/2010
444382041	GEMASIA BVBA	31/12/2010
447811485	SPORTS OF CLUB OF INDIA NV	14/11/2010
448349341	TRAU BROS NV	31/12/2010
448511865	PEGASUS DIAMONDS NV	31/12/2010
448511865	PEGASUS DIAMONDS NV	31/12/2010
448601046	SMOLENSK DIAMONDS NV	31/12/2010
449043286	KEDIAM BVBA	31/12/2010
449290637	RUSSDIAM NV	31/12/1998
450211543	UNIVERSAL TRADERS NV	30/09/2010
450425933	CH. FINKELSTEIN EN CO INDUSTRIAL DIVISION BVBA	31/12/2010
451015158	EXCELLENT SLIJPERIJ IN VEREFFENING NV	31/12/2002
451653279	ULTIMATE DIAMONDS BVBA	31/12/2010
452005152	EURO JEWELLERY BVBA	31/12/2010
452466891	ROSY BLUE SERVICES NV	31/12/2010
452540929	STELDIAM NV	31/12/2000
452844993	UBM DIAMONDS NV	31/12/2010
455286623	MYRANI DIAMOND COMPANY IN VEREFFENING BVBA	31/12/1998
455949785	PAME NV	31/12/2010
457542664	V.T.REST SPRL	31/12/2006
460132960	DRAGON DIAMOND TRADING IN VEREFFENING NV	31/12/2000
460618950	PRIMESTAR NV	31/12/2007
461038525	M 2 F JEWELRY COMPANY BVBA	31/12/2010
461765926	SAGAR DIAM IN VEREFFENING EBVBA	31/12/2005
463612686	D & L DIAMONDS BVBA	31/12/2003
463862215	UNIVERSAL CORPORATION BVBA	30/09/2010
465395310	MEGHDIAM BVBA	31/12/2010
467087266	SAM DIAMONDS NV	31/12/2010
467165064	CENTURY DIAMONDS BVBA	31/12/2006
467166351	REX DIAMONDS NV	31/03/2011
471702684	DIAMONDFLOOR.COM NV	31/07/2010
472005661	THE LOVE DIAMOND COMPANY NV	31/12/2010
472129187	N&S DIAMONDS BVBA	31/12/2010
472227375	EUROSTAR INVESTMENTS NV	31/12/2002
473008523	SHAILEY GEMS BVBA	31/12/2010
473201632	MAUBOUSSIN DIAMONDS IN VEREFFENING NV	31/12/2006
474070474	NATURAL DIAMOND CORPORATION NV	31/12/2010
474131743	PASSION JEWELS BVBA	31/12/2010
474451249	FACET DIAMONDS BVBA	31/12/2010
475260309	IMMO GEM INVEST NV	30/06/2011
475376709	DIAMOND INTERNATIONAL EBVBA	31/12/2010
475395713	KIMI INTERNATIONAL IN VEREFFENING BVBA	31/12/2010
477718466	A-STAR BELGIUM BVBA	31/12/2010
478124678	DHRUV STAR BVBA	31/12/2010
478160807	PUNTO BVBA	31/12/2010
479419827	SELECT JEWELLERY BVBA	31/12/2010
479736561	L.I.D.BELGIUM IN VEREFFENING BVBA	31/12/2006
480298468	ALHAMBRA NV	30/06/2011
480762385	STAR EXCEL BVBA	31/12/2009
503389616	COHEN FREDERIK	-
506243790	ZAIDMAN JACQUES EN JOZEF	-
506351183	UNGER DAVID	-
506401564	NISSIM AMOS	-
506465704	VAN GHELDER ANDRÉ CONSTANCE L	-
506485894	GOOVAERTS EMIEL HUBERT	-
506502029	LIBERMENSZ SERGE ALAIN	-
506506482	SUSSWEIN LÉON	-
506507967	KOHLEN TESSA SAMUEL	-
506511333	VAN GHELDER ANDRÉ CONSTANCE	-
509682639	HANDELSMAN NEUMIE	-
511075182	ZELDENRUST MAX	-
512773276	POLAKIEWICZ CHAIM	-
512775454	BLITS RONALD SAMUEL LEOPOLD	-
817289534	YDI (BELGIUM) BVBA	31/12/2010
818155705	GM DIAMONDS BVBA	31/12/2010
819093239	BHAVYA BVBA	31/12/2010
820308709	CORDMAX TRADING (ANTWERP) BVBA	31/12/2010
824078247	TRILLION STAR BVBA	31/12/2010
825630445	THE BEAN COMPANY BVBA	-
826601930	AGNOLEX BVBA	30/06/2011
830908730	ARKOT DIAMONDS BVBA	-
831228137	PROJECT PELIKAANSTRAAT NV	-
861945958	TACHE ENTERPRISES CVA	31/12/2010
862851523	GOLD STAR JEWELLERY BVBA	31/12/2010
866044209	AGL PEARLS BVBA	31/12/2010
866347679	STELMAN JEWELRY BVBA	31/12/2010
874577041	INTERGOLD EUROPE NV	31/08/2010
874584266	DIMEXON ANTWERP NV	31/12/2010
875128060	DIAMONDS DREAMS BVBA	31/12/2010
884322769	OCARAT IN VEREFFENING BVBA	31/12/2007
887002246	ABB SUGAR FREE NV	-
887002741	BHANSALI EQUITIES BELGIUM IN VEREFFENING NV	31/12/2009
896896444	J & R JEWELLERY BVBA	31/12/2010
899795457	PRIVATE DIAMOND CLUB BVBA	31/07/2010

Protested bills

Drawee name	-
Address	-
Bill amount	-
Bill currency	-
Maturity of bill	-
Name of drawer	-
City of drawer	-

NSSO details

Business number	817647147
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

court data

there is no data for this company

Current director details

Name	DEEPAK KUMAR MODI
Position	Principal Manager
Street	44 EEKHOORNLAAN ANTWERPEN
Post code	2610
Country	Belgium
Name	NEESHAL MODI
Position	Principal Manager
Street	44 EEKHOORNLAAN ANTWERPEN
Post code	2610
Country	Belgium

DIAMOND INDUSTRY – INDIA

- From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8^th Century B.C.  India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

- The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

- The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

- Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

- Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

- The diamond jewellery industry in India today may be more than Rs 60000 mil and is rated amongst the fastest growing  in the world. Indi ranks third in the world in domestic diamond consumption.

- Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

- Excerpts from Times of India dated 30^th October 2010 is as under –

DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT

This could be the biggest credibility crisis the Indian diamond industry has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months ago, they had not repaid  these dues. Bankers believe many diamantaires borrowed money during the economic downturn two years ago and diverted funds to businesses like real estate and capital markets. Many of themselves made money from these businesses but their diamond companies have gone sick and declared insolvency.

- Most of the money borrowed from the banks in the name of their diamond business has been diverted in real estate and the share market. The banks are not in a position to seize their properties because in many cases, these were purchased in the name of their relatives and friends.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.24
UK Pound	1	Rs.78.13
Euro	1	Rs.64.79

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.